Volkswagen has surpassed Amazon to become Rivian's largest shareholder for the first time since the EV maker's 2021 IPO. The German automaker now holds a 15.9% stake in Rivian following a recent $1 billion share purchase. This investment brings Volkswagen's total deployment to approximately $3.3 billion of a planned $5.8 billion commitment.
The transaction is part of a joint venture established in late 2024 to develop next-generation vehicle software and electrical architecture. Volkswagen gains access to Rivian’s advanced technology to address its own software development challenges. Rivian will use the capital infusion to scale production of its upcoming, affordable R2 models. Amazon's ownership stake has been diluted to 11.8%, though the company has not sold any shares.